The Gold is forming Triple top chart pattern from 9 Nov 2010 to 3 Jan 2011. This is bearish chart pattern. The Gold is trading at 1369.68 on closing basis, there is strong resistance at the level of 1395.04 posed by the 20 and 50 day simple moving averages. The support is at 1346.76 by the 100 day simple moving average.
The RSI(14) is forming descending high or in down trend, trading below 50 level, which is bearish sign. The same is true for MACD. MACD has crossed blow signal line and is trading below zero level.
All this confirms that there is still weakness left in gold.
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